Italy’s Eni has signed an agreement with Venezuela’s Ministry of Hydrocarbons and state oil company PDVSA to relaunch oil activities at the Junin-5 project in the Orinoco Belt.
The agreement was signed following a meeting in Caracas between Eni Chief Executive Claudio Descalzi and Acting President Delcy Rodriguez.
Junin-5 is a heavy oil project in which PDVSA holds a 60% stake and Eni 40%, and contains about 35 billion barrels of certified oil in place, according to Eni’s earlier estimates.
Eni said it also updated Venezuelan officials on its ongoing activities in the country and outlined future opportunities.
The company is also involved in gas developments, including the Perla field in the Cardón IV license, operated jointly with Repsol, and described as the largest offshore gas field discovered in Latin America.
Cardón IV recently signed a sustainability agreement aimed at maintaining and increasing gas production for the domestic market and supporting future exports.
Eni also holds stakes in the PetroSucre joint venture, which operates the Corocoro offshore field, and in the Supermetanol petrochemical company.
The company said its hydrocarbon production in Venezuela reached 64,000 barrels of oil equivalent per day in 2025, mainly from the Perla field.